Set off the loss

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shoeb parwaiz (Querist)
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29 May 2015 Dear All,

Can the business loss of FY 2007-2008 be brought forwarded in FY 2015-2016?

Rupesh Jain (Expert)
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29 May 2015 yes you can carry forward the loss to next 8 years.

CA John Abraham Austin ACA (Expert)
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29 May 2015 Yes.
Provided-

1. You have filed return of income within due date u/s 139(1)&
2. It is not a speculative income.

shoeb parwaiz (Querist)
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29 May 2015 Dear Sir,

Thanks for your prompt response.

Will the counting of 8 year be start from FY 2007-2008 or FY 2008-2009?

CA John Abraham Austin ACA (Expert)
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29 May 2015 No. 8years back from FY 2013-14.

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